Movado Group reached an agreement yesterday to buy the Ebel luxury watch brand from LVMH Moet Hennessy Louis Vuitton for roughly $47.3 million in cash.

LVMH, the luxury conglomerate controlled by Bernard Arnault, has been selling assets in an attempt to focus on a smaller group of core businesses.

Ebel, which will remain based in La Chaux de Fonds, Switzerland, will give Movado, of Paramus, N.J., an added presence overseas. Some 70 percent of Ebel’s $65 million in 2003 sales came from outside North America, Movado said.

Ebel, whose watches sell for $1,500 to $10,000, will further cement Movado’s position in the luxury watch market.

Movado said it expected earnings for the year ended Jan. 31, 2005, to be reduced 10 cents to 20 cents as a result of the acquisition.